Category: Income Tax

Merely on basis of unsigned document it cannot be assumed that amount/price paid is as stated in said document – ITAT In a recent judgment, the ITAT Hyderabad has held that merely on the basis of an unsigned document it cannot be assumed that price paid is as …

Assessee following POCM liable to deduct TDS instead of making provisions In a recent judgment, the ITAT Delhi has held that once the assessee claims that while following percentage of completion method at 100% of the revenue of the project has been recognized, it was incumbent to also …

Denial of provisional registration u/s 12A for a typographical error set aside  In a recent judgment, the ITAT Delhi has set aside order of CIT(Exemption) denying provisional registration u/s 12A for a typographical error in Form 10AB. ABCAUS Case Law Citation:ABCAUS 4068 (2024) (06) ITAT In the instant …

Exemption u/s 54 cannot denied if construction of flat not completed by builder within three years – ITAT In a recent judgment, the ITAT Mumbai has held that the house buyer who intends to take the benefit of section 54 of the Act, cannot be blamed if the …

Transit rent paid to tenant who suffers hardship due to dispossession does not fall within the definition “rent” under section 194I – ITAT  In a recent judgment, the ITAT Mumbai has held that transit rent paid to tenant who suffers hardship due to dispossession does not fall within …

Size of the residential house is not a criteria for claiming exemption u/s 54F – ITAT  In a recent judgment, the ITAT Delhi has held that size of the residential house is not a criteria for claiming exemption u/s 54F ABCAUS Case Law Citation:ABCAUS 4065 (2024) (06) ITAT …

AO refused to accept Tax Audit Report as schedule were not signed by CA. High Court remanded the matter  In a recent judgment, the Hon’ble High Court of Karnataka remanded the matter to Assessing Officer (AO) for fresh consideration where he refused to accept Tax Audit Report of …

Net Profit rate of 8% not applicable for audit case. Net Profit rate of 6% is reasonable for business of civil construction – ITAT In a recent judgment, the ITAT Patna has held that though in the non-audit case, Net Profit rate of 8% is considered as fair …

Change in explanation of assesseee due to change of council cannot be summarily brushed aside – ITAT  In a recent judgment, the ITAT Raipur has held that the claim that explanation regarding the source of cash deposits in the assessee’s bank account as was advanced before the AO …

Agricultural income can not be doubted merely for not paying agricultural cess to Krishi Upaj Mandi – ITAT In a recent judgment, the ITAT Jodhpur has held that the agricultural income can not be disbelieved merely for not paying agricultural cess to Krishi Upaj Mandi ABCAUS Case Law …